What is the true picture of the current crypto world? One word—lack of money.

The pump on October 11th directly overwhelmed the market makers. The entire market fell into a liquidity vacuum, and no one dared to move large positions. Bitcoin’s size is there, and pulling it up requires astronomical amounts of capital support. Clearly, the market doesn’t have that capacity now. So funds started flowing into altcoins, and the essence of this rally is actually the crypto community’s self-rescue—only fresh capital can save the scene.

There’s a very interesting phenomenon that proves this point. Bitcoin has already fallen below the low point of the October 11th pump, but most altcoins have actually held their lows from that time. What does this indicate? The short positions on altcoins have been thoroughly cleared, with almost no selling pressure below, making it an ideal point for upward movement.

Why did PEPE stand out at this stage? Two reasons.

First, look at the chip distribution. PEPE’s price has been halved multiple times since last year, and most early holders have cut losses and sold. The chips in circulation are extremely light. What does this mean? When it rises, there’s almost no pressure. In contrast, those coins that once had high prices have too many retail chips, and a rise often requires a lot of money to unwind positions.

Second, look at market cap potential. As a member of the "zoo," PEPE’s market cap is the lowest, making the cost to push it up the smallest. To create a story of a hundredfold increase, the room for growth is actually the largest—this is exactly what the market is looking for in terms of hype.

In simple terms, the crypto world’s attraction for new funds has always relied on one thing: the possibility of getting rich quickly. Without the temptation of extreme gains, outside funds simply won’t flow in. The last wave of Trump coin frenzy last year used exactly this logic.